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Economy real GDP

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Question

Suppose that the economy's real GDP was $10 000 in 2015. Moreover, inflation rate was 25% and the growth rate of real GDP was 10% between 2015 and 2016.

Using 2016 as the base year, what are the values of this economy's (a) real GDP in 2016, (b) GDP price index in 2015, and (c) nominal GDP in 2015?

Reference no: EM133985875

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